Farmland Prices Surge 930% in Five Years: These Provinces Lead the Rise

Unzoned land prices in Turkey have delivered a dramatic long-term increase, rising by an extraordinary 930% over the past five years, yet the most recent data reveal an apparent slowdown. Despite the headline-grabbing five-year surge, annual price growth has eased significantly, leaving many investors facing real losses when adjusted for inflation. Newly released figures highlight not only this deceleration but also the provinces where land values have risen the fastest over the past year.

Data compiled by the real estate analytics platform Endeksa show that prices for unzoned land, such as fields, orchards, and agricultural plots, across Turkey have continued to rise, but at a much more modest pace than in previous years. Over the last 12 months, the nationwide average increase stood at 16.18%, a sharp contrast to the explosive gains recorded earlier in the decade.

Five-Year Boom, One-Year Slowdown

The broader picture remains striking. Over five years, unzoned land prices across Turkey increased by an average of 930%, reflecting the intense demand for land as a perceived hedge against inflation, currency volatility, and housing market constraints. During this time, many investors turned to agricultural land, viewing it as a safer and more affordable alternative to residential real estate.

However, this momentum has not carried through into the most recent year. According to Endeksa’s measurements, the average price per square meter for unzoned land nationwide reached 711 Turkish lira, but the pace of increase has cooled notably. The sharp deceleration suggests that the market may be entering a period of consolidation after years of rapid appreciation.

Annual Returns Fall Below Inflation

One of the most critical findings in the latest data is that annual land price growth has fallen below inflation, and according to figures cited in Türkiye Gazetesi, Turkey’s annual inflation rate stood at 31.07% as of November, significantly higher than the 16.18% average increase in land prices over the same period.

This gap means that investors who purchased unzoned land within the past year experienced a real loss in purchasing power, despite nominal price increases. In practical terms, while land values rose on paper, they failed to keep pace with the broader rise in consumer prices.

This development marks a shift from previous years, when land investments often outperformed inflation and delivered strong real returns. The latest figures suggest that, at least for now, unzoned land no longer offers the same level of inflation protection nationwide.

Provinces With the Sharpest Price Increases

Although overall growth has slowed, regional differences remain pronounced. When broken down by province, the data show that Eastern and Southeastern Anatolia dominate the rankings for annual price increases. Among provinces where sufficient data are available, the following locations recorded the most substantial year-on-year gains, along with their average square meter prices:

Hakkâri leads the list with an average price of 1,994 TL per square meter and a remarkable 111.23% annual increase, far exceeding both inflation and the national average. Bingöl follows with 771 TL per square meter and an 87.59% rise, while Diyarbakır ranks third at 1,354 TL per square meter, posting a 53.51% annual increase.

Outside the eastern regions, several central and western provinces also recorded notable gains. Uşak saw prices climb to 174 TL per square meter, up 34.88%, while Elazığ reached 653 TL, up 29.56%. Nevşehir (353 TL, +28.83%) and Van (700 TL, +28.21%) also stood out.

Batman (1,395 TL, +26.70%), Istanbul (2,787 TL, +26.28%), Tunceli (848 TL, +26.00%), Şanlıurfa (1,088 TL, +25.93%), and Giresun (730 TL, +25.86%) rounded out the upper tier. Provinces such as Bolu, Aydın, and Kayseri followed closely, each posting annual gains in the low-to-mid 20% range.

Why Eastern and Southeastern Provinces Stand Out

The prominence of Eastern and Southeastern Anatolia is not coincidental. Analysts point to several structural factors supporting higher land price growth in these regions. Agricultural and livestock activities remain widespread, sustaining demand for usable farmland. At the same time, geographical constraints and rugged terrain limit the supply of flat, arable land, putting upward pressure on prices for suitable plots.

Additionally, lower starting price levels in many eastern provinces mean that even moderate increases in absolute terms translate into high percentage gains. This dynamic has allowed some provinces to outperform inflation, even as the national average lagged.

Real Returns Remain Limited Nationwide

Despite strong performances in select provinces, the data are precise: real returns in the land market have become increasingly limited. Nationwide, only a small number of provinces recorded price increases above the inflation rate over the past year.

This suggests that the unzoned land market has entered a more subdued phase, characterized by slower growth and greater regional divergence. For investors, the data underscore the importance of location-specific analysis rather than reliance on national averages.